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Supreme Court Slashes IRS Penalty Against
Taxpayer for Not Reporting Foreign Bank Accounts

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Posted By: earlybird, 3/1/2023 1:27:16 PM

The Supreme Court ruled 5–4 in a fractured opinion on Feb. 28 that the IRS imposed an excessive fine on a businessman for failing to report foreign bank accounts, reducing the financial penalty from $2.72 million to $50,000. The decision came after the U.S. House of Representatives, now controlled by Republicans, voted in January to repeal a congressional provision allotting almost $80 billion to the IRS over the coming 10 years for increased enforcement. Democrats say the IRS has long been underfunded, but Republicans say the extra money will be used to harass taxpayers. Only 4 percent of the additional funding will be devoted to improving taxpayer service, while 58 percent will

Comments:

We know what the Dems were going to use that IRS funding for.

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Reply 1 - Posted by: Maggie2u 3/1/2023 1:49:50 PM (No. 1414818)
You're right OP... I still can't believe the Republicans didn't pound on that fact over and over before the midterm elections. Having ads telling us that the 'rats hiring 87,000 armed IRS agents means they were going after just regular folks. Just where do you think the billions going to Ukraine is coming from and how is all that free tuition is going to be paid for? But the Republican Party earned the nickname 'the stupid party' fair and square.
5 people like this.

Reply 2 - Posted by: rochow 3/1/2023 2:00:23 PM (No. 1414826)
Well, that bodes well for the bidet crime family!
2 people like this.

Reply 3 - Posted by: smokincol 3/1/2023 2:48:40 PM (No. 1414876)
Sacre Bleu!!! what a tidbit of news this is, I can hardly believe it - I'm going to read this one a few more times just to get the finer points squared away in my thinking apparatus Yup!!! the organized crime consortium known as the IRS did step on their *$*@ on this one and so glad to see it
4 people like this.

Reply 4 - Posted by: Faithfully 3/1/2023 11:07:42 PM (No. 1415181)
Phew, foreign bank accounts. I'm good then.
0 people like this.

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